Businessperson David Fattal, founder and controlling shareholder of Fattal Hotel Management Ltd., has purchased two apartments in the Herzliya Hills projects for a total of NIS 6.3 million, sources inform "Globes." The project is being constructed at the entrance to Herzliya by Azorim Investment, Development and Construction Ltd. (TASE: AZRM) and Ofer Investments. Fattal is planning to buy a third apartment in the project at the same price.
The apartments purchased by Fattal are on floors 7 and 9 of an 18-storey building, Building 10, in the project. This building, which is in the second stage of the project, is slated for occupancy in 2019. The two four-room apartments each have 111 square meters of space and 13 square meters of balconies. They face northwest and overlook the sea.
Herzliya Hills is a private neighborhood with no internal roads being built on a 70-dunam (15-acre) site by the Sivan company. The project includes 600 apartments in 10 buildings, six of which are towers with 18 storeys each and four of which have only three storeys. The companies have already sold 500 of the apartments.
The project reaches the coastal road on the west and Ayalon Highway on the east, and includes a bridge link to the Herzliya railway station. The light railway tracks are scheduled to also pass near the site.
The project includes both underground and elevated parking lots. Its center will have a park with a pedestrian path. In addition to the buildings and public space, the Herzliya municipality will build a private sports center, commercial space, and community services in the neighborhood. The project also includes 30,000 square meters of office space in two 10-storey buildings, each with a commercial floor and underground parking lots.
The projected rents in the project are NIS 80 per square meter. A deal was signed for the office building last week with Leviathan natural gas reservoir partner Noble Energy, which will rent nine floors with NIS 13,000 square meters of total space and 174 parking spaces for 10 years with a 14-year extension option.
Fattal Hotel Management, owned by the Fattal family (81.5%) and Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) (18.5%), was founded in 1999. The company last week published a draft prospectus for a share offering and a bond issue on the stock exchange. Fattal Hotel Management operates 167 hotels in Israel and Europe, and its equity is NIS 2 billion. The prospectus indicates that the cost of David Fattal's salary totaled NIS 9 million in 2016 and NIS 6.7 million in the first nine months of 2017.
It was reported in 2015 that David Fattal had bought a penthouse in Ramat Aviv Gimmel for NIS 20 million and two apartments for his sons on the 28th floor of the High Tower Project in Givatayim close to the Ramat Gan Diamond Exchange compound for NIS 2.75 million each.
Published by Globes [online], Israel Business News - www.globes-online.com - on January 29, 2018
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